Double Checking - I know I know this - But? SEP IRA

[BulldogTom]

Don't you hate it when you are busy and that one client calls for a "quick question"?  Especially when you are driving down the road, in traffic, trying to get away for your birthday weekend.   And then you are supposed to know every answer to every question off the top of your head, while in traffic in Sacramento.

I can have as many brokerage accounts for my SEP IRA as I want, correct?   Client feels his investments are too concentrated and wants to contribute his SEP to a different brokerage house this year.   

I am traveling this weekend and I don't have my reference materials on me.   Can someone confirm or refute?

Thanks

Tom
Modesto, CA

[jklcpa]

Yes, changing brokerage firms for the SEP is allowed. The employer would be adopting the SEP plan of that new broker by filling out a new 5305-SEP as part of the setup, provide the employees with the required documentation, and must set up an IRA for each eligible employee. 

You weren't asking about having 2 running at the same time, right? Or changing mid-year?  SEP-IRAs are considered defined contribution plans, so make sure that the employer stays under the contribution limit allowed for all defined contribution plans in aggregate.

[FDNY]

Yes, they can have as many SEPs, IRAs, or ROTHs at different brokerages as they want.  Hopefully they know not to go over contribution limit.  
Happy birthday and don’t think about this stuff the rest of the day, that would make my birthday complete.

[Max W]

The thing I detest is " I have a quick question".   What the heck is a "quick question?"  Does it mean it only needs a short answer, a one word answer, or what?  Many the question has ro be reponded to with your own questions to clarify what the asker wants and other "quick questions" have required detailed explanations.   I find it comes from people who know they are intruding on your time and using "quick" somehow softens the intrusion.  

 

[Margaret CPA in OH]

Maybe don't answer your phone while driving, Bulldog Tom.  Pretend you are in the loo. trusting you don't answer there. I don't know how he did it but my brother's cell replies with "I can't answer now, I'm driving," if he is.  And my husband never uses the phone handsfree or otherwise while driving.  I almost never answer, just take note of the number (all too often spam) and, if a text message, I might have it read to me but I never reply.  Be safe.  Enjoy your birthday weekend!  Then get back to work like the rest of us

[Possi]

HBD, BDog!! 

Have a great, relaxing time! 

Cheers!

[BulldogTom]

There is a gun range in Reno that allows you to shoot machine guns....fully automatic frikken machine guns...for as long as your credit card can take.   This was simply an awesome birthday gift.   One more item off the bucket list.

Tom
Modesto, CA

[BulldogTom]

2 hours ago, jklcpa said:

You weren't asking about having 2 running at the same time, right? Or changing mid-year?  SEP-IRAs are considered defined contribution plans, so make sure that the employer stays under the contribution limit allowed for all defined contribution plans in aggregate.

The client has no employees.   It is just him.   Last year when we implemented his SEP, he went to his personal broker because he was comfortable with him and it was the first year of the SEP.   This year, he thinks he wants to go to Fidelity to make his contribution.   He did not say he wanted the prior year contributions rolled over to the Fidelity account.  He just said he felt too concentrated by having this with his personal broker.   

I am not concerned that he will over contribute.   

Thanks

Tom
Modesto, CA